Technical Outlook: EURUSD posted strong gains last week despite opening the week gapping higher. The declines came in a reversal that was surprising as the U.S. dollar index was also looking weaker. Price action is now short of a few pips from the support level at 1.0630 – 1.0600 region. Expect EURUSD to possibly bounce off this level and rallying towards 1.0800 this coming week. This short term bullish bias will however be invalidated in case EURUSD breaks down below 1.0610 support. In this case further declines can be expected that could push EURUSD towards 1.0500 support which was last tested around early March this year.
Fundamental Outlook: Economic data from the Eurozone this week will witness fresh PMI survey numbers for manufacturing and the services sectors. Overall, the final manufacturing PMI is expected to show no major changes from February. Other data over the week will include the factory orders from Germany which is expected to show a rebound following a strong decline of 7.4% the month before. With most of the data from the Eurozone relegated to second tier, focus will turn to the data from the U.S.
Previous EURUSD Weekly Forex Forecast
EURUSD Weekly Forex Forecast – 27th to 31st Mar 2017
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